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rate from the date of the Bonds to the date of maturity. No conditional proposals will be <br />accepted. <br /> <br />AWARD <br /> <br />The Bonds will be awarded on the basis of the lowest interest rate to be determined on a true <br />interest cost (TIC) basis. The City's computation of the interest rate of each proposal, in <br />accordance with customary practice, will be controlling. <br /> <br />The City will reserve the right to; (i) waive non-substantive informalities of any proposal or of <br />matters relating to the receipt of proposals and award of the Bonds, (ii) reject all proposals <br />without cause, and, (iii) reject any proposal which the City determines to have failed to comply <br />with the terms herein. <br /> <br />BOND INSURANCE AT PURCHASER'S OPTION <br /> <br />If the Bonds qualify for issuance of any policy of municipal bond insurance or commitment <br />therefor at the option of the underwriter, the purchase of any such insurance policy or the <br />issuance of any such commitment shall be at the sole option and expense of the purchaser of <br />the Bonds. Any increased costs of issuance of the Bonds resulting from such purchase of <br />insurance shall be paid by the purchaser, except that. if the City has requested and received a <br />rating on the Bonds from a rating agency, the City will pay that rating fee. Any other rating <br />agency fees shall be the responsibility of the purchaser. <br /> <br />Failure of the municipal bond insurer to issue the policy after Bonds have been awarded to the <br />purchaser shall not constitute cause for failure or refusal by the purchaser to accept delivery on <br />the Bonds. <br /> <br />CUSIP NUMBERS <br /> <br />If the Bonds qualify for assignment of CUSIP numbers such numbers will be pdnted on the <br />Bonds, but neither the failure to print such numbers on any Obligation nor any error with <br />respect thereto will constitute cause for failure or refusal by the purchaser to accept delivery of <br />the Bonds. The CUSIP Service Bureau charge for the assignment of CUSIP identification <br />numbers shall be paid by the purchaser. <br /> <br />SETTLEMENT <br /> <br />Within 40 days following the date of their award, the Bonds will be delivered without cost to the <br />purchaser at a place mutually satisfactory to the City and the purchaser. Delivery will be <br />subject to receipt by the purchaser of an approving legal opinion of Bdgg~ and Morgan, <br />Professional Association. of Saint Paul and Minneapolis. Minnesota, and of customary dosing <br />papers, including a no-litigation certificate. On the date of settlement, payment for the Bonds <br />shall be made in federal, or equivalent, funds which shall be received at the offices of the City <br />or its designee not later than 12:00 Noon, Central Tim~. Except as compliance with the terms <br />of payment for the Bonds shall have been made impossible by 8etlon of the City, or its agent;s, <br />ihs purchaser shall be liable to the City for any loss suffered by the City by reason of the <br />purchaser's non-compliance with said terms for payment. <br /> <br />CONTINUING DISCLOSURE <br /> <br />On the date of the actual issuance and delivery of the Bonds. the City will execute and deliver <br />Continuing Disclosure Undertaking whereunder the City will covenant to provide, or cause to <br /> <br /> <br />